Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0092%/8h= +10.0% APRpaid last 24h −0.004%

Price spread now: SunX against Phoenix−0.142%69s7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$680.679% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.243%−$24 on $10k

Price spread, last 4 days (all we have)−0.174%−$17 · spread now −0.142%, 7d avg −0.019%

Together, before fees−0.417%−$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.122% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.142% now, against its 7-day average of −0.019%). If the spread goes back, that is −$12 on $10k: about 4.5 days of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.243%, so the current rate has only just turned in your favour. The two prices were read 69 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	94.404	0.0008	pay 0.0001% / 1h	28m 01s	$210K	$1.2M	10x
Short	SunX HYPE-USDT	94.270	0.0100	get 0.0050% / 4h	3h 28m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee SunXbpOrdersPrice spread, now −0.142%Rate

Funding earned: $19.23
Price spread: −0.142% → −0.019%: −$12.25
Slippage, 4 orders: −$52.88
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$60.91
Costs to cover: 0.679%
Break-even: 29.2 days

Slippage from Phoenix: live order book, 5 min ago; SunX: live order book, 7 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 5 min ago	1.17 bp	5.7 bp −$6	10.7 bp −$107	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	19.34 bp	32.5 bp −$32	doesn't fit	doesn't fit	doesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.0816%	1h	94.248	−0.165%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0608%	1h	94.282	−0.129%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0293%	1h	94.418	+0.015%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0258%	1h	94.231	−0.183%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0192%	1h	94.210	−0.205%	$701K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.188	−0.229%	$90K	$366K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.204	−0.212%	$1.0M	$3.4M	10x	as long as short
Gate HYPE_USDT	−0.0098%	4h	94.381	−0.024%	$51.6M	$55.3M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.255	−0.158%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.326	−0.083%	$18.8M	$35.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0037%	8h	94.400	−0.004%	$317.9M	$294.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.261	−0.151%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.293	−0.118%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.352	−0.055%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.232	−0.183%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.257	−0.155%	$113K	—	150x	as long as short
Phoenix HYPElong	+0.0008%	1h	94.404	long leg	$210K	$1.2M	10x
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.258%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.230	−0.184%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.401	−0.003%	$227.1M	$98.3M	75x	as long as short
Vest HYPE-PERP	+0.0037%	1h	94.313	−0.097%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	94.314	−0.095%	$337K	$39K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0045%	1h	94.360	−0.047%	$7.6M	$10.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0046%	8h	94.409	+0.005%	$117.7M	$327.9M	50x	as long as short
SoDEX HYPE-USD	+0.0048%	1h	94.319	−0.090%	$2.1M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0075%	8h	94.344	−0.064%	$12.9M	$2.9M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.269	−0.143%	$5.0M	$31.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.339	−0.069%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.358	−0.049%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.199	−0.217%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.220	−0.195%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.183	−0.234%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.485	+0.086%	$2.07B	$689.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.388	−0.017%	$9.6M	$38.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.282	−0.130%	$10.1M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.385	−0.020%	$379.7M	$932.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.202%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.368	−0.038%	$93.0M	$86.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.374	−0.032%	$47.1M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.396	−0.008%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	−0.079%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.308	−0.102%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.315	−0.094%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.250	−0.163%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.299	−0.111%	$497K	$2.7M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	94.270	−0.142%	$32K	$1.6M	20x
HTX HYPE-USDT	+0.0100%	4h	94.450	+0.049%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.390	−0.015%	$18.2M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.329	−0.079%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.248	−0.165%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.811%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0238%	1h	94.403	−0.001%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.218	−0.197%	$82K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.282	−0.129%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.351	−0.056%	$17.3M	$12.5M	75x	as long as short